Rafael Holdings Inc. reported a net loss attributable to the company of $30.5 million, or $1.04 per share, for the twelve months ended July 31, 2025, compared to a net loss of $34.4 million, or $1.45 per share, in the prior year. The reduction in net loss was primarily due to the prior year's in-process R&D expense of $89.9 million related to the increased ownership of Cornerstone, partially offset by a $31.3 million recovery of receivables from Cornerstone, $5.9 million in unrealized gains from the company's investment in Cyclo equity, and the consolidation of Cyclo, Cornerstone, and Day Three. For the fourth quarter ended July 31, 2025, the company reported a net loss attributable to Rafael Holdings of $12.1 million, or $0.28 per share, compared to $4.5 million, or $0.19 per share, in the same period of the previous year. The increase in net loss was attributed to the consolidation of Cyclo Therapeutics' expenses after the March 2025 acquisition, as well as the activity of Cornerstone and Day Three. Research and development expenses were $12.8 million for the twelve months ended July 31, 2025, up from $4.2 million in the prior year, reflecting spending from the Cyclo acquisition and the consolidation of Cornerstone and Day Three. General and administrative expenses totaled $13.8 million for the year, compared to $8.9 million in the previous year, also due to expenses from Cyclo and the consolidated entities. As of July 31, 2025, Rafael Holdings reported cash and cash equivalents of $52.8 million. On June 4, 2025, the company completed a $25 million rights offering, which included $21.0 million from a backstop commitment by the Jonas family.